Major U.S. Law Firms Breached
Some of the most prestigious law firms in the country have been hacked, and the Manhattan U.S. attorney’s office and Federal Bureau of Investigation are trying to determine what information was stolen and for what purpose. According to The Wall Street Journal, someone familiar with the case said investigators are focusing on whether or not the data was stolen for insider trading.
The breached law firms, including Cravath Swaine & Moore LLP and Weil Gotshal & Manges LLP, represent Wall Street banks and Fortune 500 companies.
In a statement, Cravath said, “Last summer, the firm identified a limited breach of its IT systems. We have worked closely with law enforcement authorities who have jurisdiction over this matter. Upon identifying the incident, we immediately supplemented our IT security measures with the assistance of additional outside security consultants.”
These recent hacks show that cyber criminals are looking for more than just personal information like credit card and social security numbers. Experts believe law firms are targets, because they have trade secrets and other sensitive information about corporate clients, including secret information about mergers and acquisitions that could be used for illegal insider trading.